Wherever they are in the world, leaders will be leaders. Leaders across the globe deal with similar issues and challenges regardless of the industry. In a large and diverse market like Indonesia, leaders need all the help they can get to do and be better. Following our success in doubling our members in Singapore over the last two years, EGN has now expanded to Indonesia, and we’re excited about the doors this will open for us.
Tapping into Indonesia’s large market potential
As Southeast Asia’s largest economy, with a GDP of 1.1 trillion USD in 2019, Indonesia is a thriving democracy with significant regional autonomy. Located on a major trade route, the country has extensive natural resource wealth across an area that is as big as the continental U.S.
Indonesia’s President Joko Widodo (also known as “Jokowi”) spent his first term improving the country’s infrastructure, diversifying its economy, and reducing barriers to doing business in Indonesia; this certainly helped propel its economy forward. Following his re-election for a second term in 2019, President Jokowi also called for a renewed emphasis on improving infrastructure and developing human capital to upskill Indonesian workers as well as driving growth in the digital and manufacturing sectors.
Market opportunities in Indonesia
Most market opportunities in the country are consumer-related with a major expansion in the education, retail, health, telecom, and financial services sectors over the last few years. The Indonesian consumer is ranked as one of the most confident in the world, and approximately 41% of Indonesia’s 270 million citizens are under the age of 25.
Here are just some stats on Indonesia’s market potential:
- Indonesia’s aviation market is the second-fastest growing in the world, favouring U.S. products, with a demand for air traffic control, airport logistics services, and ground support equipment. Aircraft maintenance, repair, and overhaul in Indonesia are estimated to reach 2 billion USD per year for the next five years.
- The country’s banking sector offers significant opportunities for IT and banking equipment, software, and technology providers.
- Telecommunications equipment and services, as well as satellites, remain key areas for American products and services.
- The Kerjasama Pemerintah Dengan Badan Usaha (KPBU), a government agency overseeing public-private partnership projects, is preparing to develop major infrastructure including communication satellites, roads, airports, hospitals, and potentially cold storage and fish processing facilities.
- U.S. companies can reach out to the Indonesia Infrastructure Guarantee Fund (IIGF) for Indonesian government guarantees for public-private partnership projects.
- Emerging opportunities include palm oil, biofuel processing, clean energy, and energy efficiency and technology to improve local production capacity, dams, and waste-to-energy projects.
- U.S. defence manufacturers can now sell a range of military aircraft, vehicles, communication systems, spare parts, and maintenance services to Indonesia.
EGN is poised for rapid growth in Indonesia
EGN is the first association of its kind to arrive in Indonesia where there is a growing member base that is hyped and geared up for growth.
“We are delighted to announce that we opened our Indonesian office last year and will kick off our first peer group session for executive leadership on May 24, and another for business owners and SMEs on May 25 at Fairmont Hotel, Senayan,” said Dona Amelia, co-founder and Managing Director of EGN Indonesia. “These first sessions are by invitation only for existing members, plus, we are now welcoming new member applications,” she added.
EGN members can attend six half-day, in-person peer group meetings, 12 in-person cross-functional events, 24 virtual cross-functional meetings, and four networking events to meet their peers and exchange their ideas and experiences every year. Assembled by EGN’s consultants, each peer group is created to match the discipline and background of all participants.
Not all was smooth sailing though…
EGN faced various challenges orchestrating this expansion during the downtime of the COVID-19 pandemic. While most executives would compare notes for competing in the past, the network now aims to evolve mindsets to foster collaboration for better learning and growth.
“Amid the COVID-19 pandemic, many of us have been faced with unprecedented changes and challenges, and one of these is the urgency to meet digital transformation goals that have forced countless organisations to accelerate adaptation,” said Yohanes Jeffry Johary, CEO of ATALIAN Global Services Indonesia.
In addition to the changes that must be made, leaders are also dealing with problems they had prior to the pandemic such as a lack of partnership at the top and entrepreneurs’ loneliness.
Teamwork makes the dream work
EGN commends its team and members for making this expansion possible.
“Since our establishment in 1992, we have provided a space for leaders to gain fresh perspectives and learn new skills and promote critical thinking and true collaboration. This expansion to Indonesia would not have been possible without the contribution of our members and core team,” says Nick Jonsson, Managing Director of EGN Singapore. “On behalf of EGN, I would like to thank our core team and our members for pulling their weight to really effect change. We look forward to amazing growth opportunities in Indonesia.”
Interested in expanding your businesses in Indonesia or how you can tap your EGN network in the country? Talk to us to learn more!